Which of the following are characteristics of a scarce resource?
Choose 1 answer:
(A) There is limited supply of a resource with no demand for that resource
(B) The resource has unlimited supply and limited demand
(c) There is a demand for that resource with limited supply
(D) There is a fixed quantity of the resource available but no demand for it
(E) The resource is in demand, but there is no supply of it

Question

Which of the following are characteristics of a scarce resource?
Choose 1 answer:
(A) There is limited supply of a resource with no demand for that resource
(B) The resource has unlimited supply and limited demand
(c) There is a demand for that resource with limited supply
(D) There is a fixed quantity of the resource available but no demand for it
(E) The resource is in demand, but there is no supply of it

Accepted Answer

***C*** ∻Key Concept∻ ⚹Scarcity⚹ ∻Explanation∻ ⚹Scarcity refers to the basic economic problem that arises because resources are limited while wants are unlimited. A scarce resource is characterized by having a demand with limited supply.⚹◊What is the relationship between scarcity and demand in the context of macroeconomics?⍭ Generate me a similar question◊

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